ll]. Price elasticity and the impact of taxation The following graph shows the daily market for shoes when the tax on sellers is set at $0 per pair. Suppose the government institutes a tax of $40.60 per pain to be paid by the seller. (Hint: To see the impact of the tax, enter the value of the tax in the Tax on Sellers field and move the green line to the aftertax equilibrium by adjusting the value in the Quantity field. ThenJ enter zero in the Tax on Sellers field. You should see a tax wedge between the price buyers pay and the price sellers receive.) Use the graph i'nput too.ll to heo you answer the foowr'ng guesti'ons. You wit." not be graded on any changes you make to thi's graph. Note: Once you enter a value in a white fieldJ the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool 200 Market for Shoes 130 ' | Quantity 160 Sup l'l" (Pairs of shoes) Demand Price Supply Price f; 140 (Dollars per pair) 1 3200 (Batters per pair) 0'00 g + a '2\" \ E- . E 1m: --- + Supply Shifter g E D so I ernand u Tax on Sellers 6 60 : (Soa-rs per pair) E I 20 I 0 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Pairs of shoes)